Fib Drawing on Gold Trading Charts Exercises

These exercises will give more examples on trading & drawing Fib retracements and Fibonacci expansion levels. The first task for you is to try and figure out the market direction of the XAUUSD price trend after which you can then determine if the Fib indicator tool used is Fibonacci retracement or Fib expansion & then after that figure out how it's drawn and then practice drawing them on a XAUUSD chart using a practice demo practice trading account.

Tasks:

Figure out the direction of the Gold price trend

Determine if the Fib is retracement or extension

Figure how it's drawn

Practice drawing retracement or expansion on a Gold price chart.

To find gold trading charts just download MetaTrader 4 Gold trading platform from any one of the many online brokers and select the financial instrument - Gold.

After you have downloaded the MetaTrader 4 platform, Go to the menu "insert" on the top left corner, on the drop down menu, click Fibonacci and choose either the option of retracement or extension. Then draw it as expounded in the previous lessons of Fib Expansion & Fib Retracement. Then do the following exercises:

Fib Retracement Levels and Fib Expansion Levels Exercise